Ann: Change in substantial holding, page-16

This has been a nice little trade for me. Bought at 17.5c and sold at 20c. Rinse and repeat

The share price won't go above cash backing at the moment, which will be ~20c at the end of the current quarter.

The board spill is a good thing as it forces the current board to make an argument for why the business should continue in its current form. Up until now the business model and huge cash burn hasn't been questioned. If the business is as good as they say it is, then now is the time to stand up. I can't see Joanna accepting the 1-Page business in lieu of her shares. Not without a fight at least. She would effectively walk away with nothing and have to do a capital raise for the business to continue.

I wondered at the time why Joanna's father would sell the majority of his holding. Now we know. He knew he'd lose his shares too if Merchant win. It's too much of a coincidence that he sells his shares and a few days later the board spill is announced.